Wendy's/Arby's sets spread on $500 million term loan at Libor plus 350 bps, cuts OID to 99½

By Sara Rosenberg

New York, May 14 - Wendy's/Arby's Restaurants LLC finalized pricing on its $500 million seven-year term loan at Libor plus 350 basis points, the high end of the Libor plus 325 bps to 350 bps talk, and trimmed the original issue discount to 99½ from 99, according to a market source.

Also, 101 soft call protection for one year was added to the term loan, the source said.

The 1.5% Libor floor on the term loan was left unchanged.

Wendy's/Arby's $650 million senior secured credit facility (Ba2/BB) also includes a $150 million five-year revolver.

Bank of America and Citigroup are the lead banks on the deal, with Bank of America the left lead.

Proceeds will be used to refinance the company's existing credit facility, redeem $200 million of Wendy's International Inc. 6.25% senior notes due 2011 and for general corporate purposes.

Wendy's/Arby's is an Atlanta-based quick-service restaurant company.

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